8 July 2013
Cyan Holdings plc
("Cyan" or the "Company")
TNEB Update
Cyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control announces that the Company has received a copy of a TNEB notification from one of its Indian meter manufacturer customers that the Tamil Nadu Electricity Board ("TNEB") tender has been "lodged", which effectively means the procurement process has been suspended.
Cyan understands that the next stage of the process is that the Chairman and Board of TNEB, in consultation with the Tamil Nadu State Government, has full authority to decide whether to continue, re-start the tender process or re-negotiate the overall procurement terms of smart metering solutions. Cyan currently has little visibility over this process, however the Company can confirm that all of its customers and TNEB have been satisfied with the performance of Cyan's system. In fact, customers remain in negotiations with Cyan to acquire its units for projects in Tamil Nadu and other projects in India. Cyan also understand that TNEB remains committed to installing smart meters in Tamil Nadu, although the timing of this is now less certain. Further updates will be provided at the appropriate time.
John Cronin, Executive Chairman of Cyan, commented: "We remain highly confident of our competitive position at TNEB and our ability to provide TNEB and its suppliers with the technology required. We understand that the "lodging" of the tender has nothing to do with Cyan's technology and therefore we remain confident that we will win a significant portion of the business to be generated from the large scale roll out of smart meters in Tamil Nadu regardless of the outcome of the current tender process."
Enquiries:
Cyan Holdings plc John Cronin, Chairman www.cyantechnology.com |
Tel: +44 (0) 1954 234 400 |
Cenkos Securities plc NOMAD and Joint Broker Stephen Keys / Adrian Hargrave |
Tel: +44 (0)20 7397 8900 |
XCAP Securities plc Joint Broker Jon Belliss / Adrian Kirk |
Tel: +44 (0)20 7101 7070 |
Walbrook PR Financial PR Bob Huxford / Paul Cornelius |
Tel: +44 (0)20 7933 8780 |
